On Friday, US President Donald Trump signed the GENIUS Act into law, marking a pivotal moment for stablecoin regulation in the United States. After months of debate and two previous rejections, the bill passed through Congress, establishing a clearer legal framework for payment stablecoins and their role in the broader digital economy. The legislation aims to boost innovation while reinforcing the US dollar’s position in the digital financial system.
However, the bill encountered significant resistance. Among its most vocal opponents was Rep. Marjorie Taylor Greene, Chairwoman of the DOGE Committee, who has consistently raised concerns about legislation potentially paving the way for a Central Bank Digital Currency (CBDC). Greene reaffirmed her vote against the GENIUS Act, voicing apprehensions that it lays the groundwork for CBDC without an explicit ban. This stance reflects a broader debate in Washington regarding the future of digital currencies, surveillance risks, and financial freedom.
Despite the pushback, the GENIUS Act’s passage showcases a growing bipartisan consensus that regulatory clarity is crucial for fostering innovation in the crypto space. While opinions on the bill’s implications remain divided, its enactment is expected to have significant implications for stablecoins and decentralized finance (DeFi) in the coming months.
Following the bill’s passage, Greene delivered a strong rebuke of the GENIUS Act, emphasizing that the American public remains largely uninformed about its complexities. She characterized the legislation as a Trojan horse for CBDC development, stating, “This bill regulates stablecoins and provides for the backdoor Centralized Bank Digital Currency.” Greene’s long-standing opposition to potential CBDC initiatives highlights her fear of a cashless society controlled by a government-issued digital currency, which she believes could be weaponized against US citizens.
While Greene opposed the GENIUS Act, she voted in favor of the Anti-CBDC Surveillance State Act, which seeks to prohibit the Federal Reserve from issuing a CBDC. Although the House approved this bill, Greene expressed doubt about its progression in the Senate. Notably, she also supported the Clarity Act, which passed the House and includes mandates for self-custody and clear regulatory guidelines for digital assets. Greene made it clear that she would oppose the Clarity Act if self-custody protections are removed during Senate revisions, asserting that safeguarding individuals’ rights to self-custody is paramount.
In parallel to these legislative developments, the total crypto market capitalization has surged, decisively breaking above the $3.6 trillion level to reach a new yearly high at $3.81 trillion. This breakout marks a period of renewed bullish momentum across the digital asset space, evidenced by increasing volume and strong green market candles.
Importantly, the breakout signals a bullish structure, characterized by higher highs and higher lows since the low point in June. With the 50-day simple moving average (SMA) around $3.04T and the 100-day SMA nearing $3.01T, both indicators suggest a robust upward trend. Furthermore, the 200-day SMA at $2.55T further confirms the long-term bullish posture.
This significant market movement coincides with the recent legal clarity introduced by the GENIUS Act, enhancing confidence in stablecoins and tokenized finance. While Bitcoin and Ethereum continue to lead the charge, the momentum is shifting as altcoins gain traction amid the capital rotation across the cryptocurrency ecosystem.
